Annual Report 2023

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Creating tomorrow’s solutions

Outlook for 2024

WACKER’s main planning assumptions relate to raw-material and energy costs, personnel expenses and exchange rates. For 2024, we anticipate a euro exchange rate of US$1.10 (2023: US$1.10). We assume that energy costs will be lower than last year, while average prices of our key raw materials are expected to be below the prior-year level, too. On the whole, the majority of our raw-material and energy supplies are secured for 2024. 

Performance Indicators and Value-Based Management

WACKER’s key performance indicators are the same as last year.

Group Sales in 2024 to Benefit from Volume Growth

In 2024, WACKER expects to see lower average selling prices, but rising volumes and positive product-mix effects at its chemical divisions. Changes in exchange rates will have a marginally negative effect on sales. We expect sales across all regions to be slightly lower in 2024. Overall, Group sales are likely to range between €6.0 billion and €6.5 billion.

Various uncertainties and risks may cause the actual performance of the WACKER Group and its divisions to diverge from our assumptions, either positively or negatively. Changes in the economic environment are among the factors than can cause such divergences. We expect selling prices to decline in 2024. At the same time, however, we anticipate volume growth. If the economy recovers over the course of the year, WACKER will have further potential to achieve higher volumes. 

Outlook for Key Performance Indicators at the Group Level

From today’s standpoint, the key performance indicators will develop as follows at the Group level.

EBITDA margin and EBITDA: The EBITDA margin is expected to be significantly lower than last year. EBITDA is likely to come in between €600 million and €800 million, down due to lower selling prices. We expect Group net income to be substantially lower than last year.

ROCE: ROCE will be considerably lower than last year.

Net cash flow: We expect net cash flow to be negative in 2024, significantly lower than last year, mainly due to lower earnings.

Outlook for Supplementary Performance Indicators at the Group Level

Capital expenditures: In 2024, capital expenditures will be slightly below the prior-year level. They will therefore be clearly higher than depreciation/amortization, which will amount to about €450 million. Capital expenditures will be driven by future customer demand. Projects will include expanding production capacity for electronic-grade silicon in Burghausen, increasing capacity for silicones in Nünchritz, Karlovy Vary and Zhangjiagang and the construction of an mRNA Competence Center in Halle.

Net financial debt: For 2024, we expect a year-over-year increase in net debt.

Divisional Sales and EBITDA Trends

We expect WACKER SILICONES to post sales in 2024 on a par with the prior year. We anticipate persistently low average prices for standard products, but an increase in volumes of specialty grades. We expect sales to be at the prior-year level in every region. The EBITDA margin is expected to be in a mid-single-digit percentage range.

At WACKER POLYMERS, we expect sales to be lower – by a high single-digit percentage – than the previous year’s figure. Selling prices will be lower, while volumes for dispersions and dispersible polymer powders will either grow slightly or remain stable. Product-mix effects will have a marginally positive effect on sales. We expect sales in Europe to drop, while business in Asia will perform positively. The EBITDA margin is expected to be around 15 percent.

We expect WACKER BIOSOLUTIONS to increase its sales by some 10 percent, with growth fueled by bioengineered products, particularly biologics. EBITDA should be significantly higher than last year.

We expect WACKER POLYSILICON to post sales of between €1.3 billion and €1.6 billion in 2024, with volumes likely to be higher than last year. Average polysilicon prices, in contrast, are expected to be lower than a year ago. We will continue improving our product mix and systematically lowering costs. EBITDA is likely to come in between €200 million and €400 million.

Outlook for 2024




Reported for 2023


Outlook for 2024






Key financial performance indicators





EBITDA margin (%)




Substantially lower than last year

EBITDA (€ million)




600 – 800

ROCE (%)




Substantially lower than last year

Net cash flow (€ million)




Negative, substantially lower than last year






Supplementary financial performance indicators





Sales (€ million)




6,000 – 6,500

Capital expenditures (€ million)




Slightly lower than last year

Net financial debt (€ million)




Higher than last year

Depreciation/amortization (€ million)




Around 450

Future Dividends

Our goal is to distribute about half of Group net income to shareholders, provided that the business situation permits this and the decision-making bodies agree.


The main features of our financing policy remain in place. We are confident that we have a strong financial profile with a sound capital structure and healthy maturities for our debt. As of December 31, 2023, WACKER had around €750 million in unused lines of credit with residual maturities of over one year.

Executive Board Statement on Overall Business Expectations

We have identified a number of economic risks for 2024. Global economic growth will continue to be influenced by the effects of Russia’s war of aggression against Ukraine. These are compounded by the ramifications of the geopolitical conflict in the Middle East. Persistently high energy prices are also putting pressure on the corporate sector, particularly in Europe. According to economic analysts’ forecasts, global GDP will grow only slightly in 2024. We expect a slightly negative business trend in 2024. Sales are likely to range between €6.0 billion and €6.5 billion, while EBITDA should amount to between €600 million and €800 million. The EBITDA trend will be particularly dampened by lower selling prices. We expect the EBITDA margin to be substantially lower than last year.

WACKER will continue to invest in 2024 to underpin the future growth of its divisions. Capital expenditures will be slightly below the prior-year level, but well above depreciation and amortization. Depreciation and amortization should total around €450 million. Net cash flow will be negative and substantially lower than last year. We expect an increase in net debt.

In 2024, we anticipate that in our chemical divisions, sales will decline at WACKER POLYMERS and remain at the prior-year level at WACKER SILICONES. Given our excellent product portfolio, however, we are confident of being able to return to our growth trajectory in the medium to long term. WACKER BIOSOLUTIONS should continue growing in 2024. We expect WACKER POLYSILICON’s sales to be between €1.3 billion and €1.6 billion.

As of the preparation date of these financial statements, nothing had changed as regards our guidance.